Rivian Automotive (NASDAQ:RIVN) CEO Robert Scaringe Sells 52,350 Shares

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert Scaringe sold 52,350 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total transaction of $869,010.00. Following the sale, the chief executive officer owned 1,246,405 shares of the company’s stock, valued at approximately $20,690,323. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $16.39 on Friday. The company’s fifty day moving average price is $14.16 and its 200-day moving average price is $13.81. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The firm has a market capitalization of $19.89 billion, a price-to-earnings ratio of -5.27 and a beta of 1.81. Rivian Automotive, Inc. has a one year low of $9.55 and a one year high of $18.13.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RIVN. Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Needham & Company LLC reiterated a “buy” rating and set a $14.00 price objective on shares of Rivian Automotive in a research report on Monday, August 25th. Mizuho restated an “underperform” rating and issued a $10.00 target price (down previously from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. The Goldman Sachs Group cut their target price on Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Finally, DA Davidson lifted their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Tuesday. Five equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average target price of $13.81.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Rivian Automotive during the second quarter valued at about $105,629,000. Vanguard Group Inc. lifted its holdings in Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after buying an additional 5,610,688 shares during the period. Nuveen LLC bought a new stake in shares of Rivian Automotive in the 1st quarter worth approximately $33,582,000. Capital International Investors grew its position in shares of Rivian Automotive by 13.4% in the 3rd quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock worth $269,395,000 after buying an additional 2,161,394 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Rivian Automotive by 496.6% during the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after buying an additional 1,918,852 shares during the period. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.